Bullshite. Insurance is about mitigating risk to a group of people. Everyone with the same risk level pays the same rate. It's all actuarially based on statistics. i.e., the probability that an adverse event will occur to any individual policy holder. You may never make a claim, but your premiums help the insurer pay out for the legitimate claims of other policyholders.
Ah... meh'bee
Best to bring the cows inside your house. Just to be safe Jeff.
Insurers won't insure many properties because the risk of catastrophe is too high. It's no different than getting insurance for a Pro athlete against them getting a career-ending injury. The higher the risk, the higher the premiums.
Many governmental jurisdictions had to redraw their flood zone maps. The FEDs are doing everything they can to get more people to sign up for flood insurance because the fewer the policy holders - the more money the FEDs have to get out of the general coffers to pay for the areas who do have insurance and got flooded. What makes no sense to me, however are the people who get flooded out of their homes by swollen rivers every three to five years and then they rebuild on the same site. If they do that they should have their premiums go into orbit.